Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

On Sept. 12, 2024, Treasury issued highly anticipated proposed regulations (REG-112129-23) to address the application of the corporate alternative minimum tax (corporate AMT) imposed on an applicable ...

The AICPA Digital Assets Tax Task Force (DAT TF) has been monitoring digital asset transaction reporting closely, and on the same day the final regulations on broker reporting (T.D. 10000) appeared, ...

The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt ...

This article outlines a five-step process for calculating a corporate partner’s distributive share related to the application of the corporate alternative minimum tax imposed on an applicable ...

This article outlines a five-step process for calculating a corporate partner’s distributive share related to the application of the corporate alternative minimum tax imposed on an applicable ...

The Sec. 737 rules can cause a member to recognize precontribution gain on contributed property where the value of property later distributed to that member exceeds their basis in the LLC. States vary ...

The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements. The IRS said that crowdfunding ...

States vary in their treatment of partnership adjustments made under the centralized partnership audit regime instituted by the Bipartisan Budget Act of 2015.

Partnerships do well to consider available elections and the power that partnership representatives wield under the audit procedures of the Bipartisan Budget Act of 2015. Passthrough entity tax (PTET) ...

This item discusses how the 2% floor affects a trust’s regular tax and alternative minimum tax (AMT), the effect of the recent Supreme Court decision in Knight on the continuing controversy, and the ...